Oil Hope Diminished on Impending End of Extra Saudi Supply Cuts
- Libya lifted a force majeure from its biggest oil field
- Goldman sees Brent crude down to $35 a barrel in short-term
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Oil fell after moving past this weekend’s producer deal to extend supply cuts, with prices sliding on Saudi Arabia’s decision to end extra reductions.
Futures in New York trimmed 3.4% Monday, even after Saudi Arabia and Russia led OPEC and its allies in a one-month extension of record production cuts over the weekend. Meanwhile, Libyan oil is making its way to the market for the first time since January, as the country’s conflict-ravaged output limps toward a revival.